AirBoss of America Corp. (TSX:BOS)
2011 Highlights:
-- Dividends increased by 30%
-- Net debt reduced by US $13.6 million or to 4% of equity
-- Sales of rubber compound increase by 32.7%, volumes by 11%
AirBoss of America Corp. ("AirBoss") announces the following results:
Three months ended Twelve months ended
December 31 December 31
(In thousands of US dollars, except
shares and per share amounts) 2011 2010 2011 2010
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Net Sales 61,654 64,675 282,520 235,451
Gross margin 5,702 9,572 34,853 35,296
Earnings before interest, tax and
amortization from continuing 2,998 8,017 25,580 27,247
operations (EBITDA) (Note 1)
Interest expense 305 380 1,452 1,575
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Net income 595 4,639 13,004 14,511
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Net income per share
-Basic 0.03 0.20 0.55 0.61
-Diluted 0.02 0.20 0.54 0.60
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Net cash provided by operating
activities 19,104 13,104 16,768 20,633
Common shares outstanding
(millions)
-Basic 23.5 23.9 23.6 23.9
-Diluted 23.7 24.4 24.1 24.2
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Fourth quarter sales decreased by $3 million compared to 2010
due to a decrease of $6.6 million in AEP sales offset by an
increase in Rubber Compounding sales of $3.6 million. As
foreshadowed in our Q3 2011 report, the AEP sales were primarily
impacted by reduced Defense product sales.
Rubber Compounding volumes increased by 11% during the year.
Markets continue to be robust and opportunities are expected to
continue to increase in many sectors including OTR retreading,
major tire and mining related products. The Company is in the
process of completing the previously announced major equipment
upgrades which we expect will pay significant dividends in
improving efficiency and reducing downtime in North Carolina. The
addition of inline straining and strip capability in Quebec has
also contributed to increased productivity in both military and
other products. Tire retread products such as cushion gum are
expected to increase sales. The new Product Development office in
North Carolina begins its first full year of operation and
expectations are high that the initiatives generated will be
substantial.
Production of injection moulded CBRN protective wear has been
consolidated in our Vermont and Quebec plants. The new Defense
Research and Development facility is scheduled for completion
mid-year. As well, R&D projects continue to progress and we
expect to have prototypes of some exciting new products by the end
of the year.
The Company is in an excellent financial position with an
exceptional working capital position which is only expected to
improve as working capital demands are positively impacted by
expected lower raw material prices. Despite onetime increases in
capital expenditures the financial position will continue to
improve providing us with the flexibility to continue to pursue
acquisitions and geographical expansions as well as current
dividend and normal course issuer bid programs.
AirBoss of America Corp. develops, manufactures, and sells high
quality, proprietary rubber-based products offering enhanced
performance to military and industrial markets. The Company is a
world leader in the development and production of CBRN protective
wear. With a capacity to supply 250 million pounds of rubber
annually to a diverse group of rubber manufacturers, AirBoss is
also one of North America's largest custom rubber compounding
companies. The Company's shares trade on the TSX under the symbol
BOS. Visit www.airbossofamerica.com.
A conference call to discuss the year end results is scheduled
for 9:00 am EDT, March 22, 2012. Please follow the link on our
website or at www.marketwire.com under "webcasts" or dial in to the
following numbers: 416-695-6616 or Toll Free: 1-800-355-4959.
Direct Replay Access number: 1-800-408-3053.
Note 1:
The Company discloses EBITDA, based on the Company's continuing
operations, a financial measurement used by interested parties.
EBITDA does not have a standardized meaning prescribed by GAAP and
is not necessarily comparable to similar measures presented by
other issuers. EBITDA is not a measure of performance under GAAP
and should not be considered in isolation or as a substitute for
net income under GAAP.
Three months ended Twelve months ended
December 31 December 31
(In thousands of US dollars) 2011 2010 2011 2010
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Net Income 595 4,639 13,004 14,511
Interest expense 305 380 1,452 1,575
Amortization from continuing
operations 1,225 1,242 4,764 4,565
Provision for income taxes 873 1,756 6,360 6,596
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EBITDA from continuing operations 2,998 8,017 25,580 27,247
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AIRBOSS FORWARD LOOKING STATEMENT DISCLAIMER
Certain statements included herein, including those that express
management's expectations or estimates of future developments or
AirBoss' future performance, constitute "forward-looking
statements" within the meaning of applicable securities laws. Words
such as "may", "could" "expects", "anticipates", "forecasts",
"plans", "intends" or similar expressions are intended to identify
forward-looking statements.
Forward-looking statements are necessarily based upon a number
of estimates and assumptions that, while considered reasonable by
management at the time the statements are made, are inherently
subject to significant business, economic and competitive
uncertainties and contingencies. AirBoss cautions that such
forward-looking statements involve known and unknown risks,
uncertainties and other risks that may cause AirBoss' actual
financial results, performance, or achievements to be materially
different from its estimated future results, performance or
achievements expressed or implied by those forward-looking
statements. Numerous factors could cause actual results to differ
materially from those in the forward-looking statements, including
without limitation: changes in accounting policies and methods
including uncertainties associated with critical accounting
assumptions and estimates; AirBoss' ability to maintain existing
customers or develop new customers in light of increased
competition; cyclical trends in the tire and automotive,
construction, mining, and retail industries; sufficient
availability of raw materials at economical costs; weather
conditions affecting raw materials, production and sales; potential
product liability and warranty claims; its dependence on key
customers; equipment malfunction; changes in the value of the
Canadian dollar relative to the US dollar; ability to obtain
financing on acceptable terms; environmental damage caused by it
and non-compliance with environmental laws and regulations; changes
in tax laws, and potential litigation.
This list is not exhaustive of the factors that may affect any
of AirBoss' forward-looking statements. Investors are cautioned not
to put undue reliance on forward-looking statements. All subsequent
written and oral forward-looking statements attributable to AirBoss
or persons acting on its behalf are expressly qualified in their
entirety by this notice. Whether as a result of new information,
future events or otherwise, AirBoss disclaims any intent or
obligation to update publicly these forward-looking statements.
Risks and uncertainties about AirBoss's business are more fully
discussed in the Management's Discussion and Analysis of Financial
Condition and Results of Operations in the 2010 Annual Report to
Shareholders under the heading "Risk Factors".
Contacts: AirBoss of America Corp. R.L. Hagerman CEO (905)
751-1188 AirBoss of America Corp. Stephen Richards CFO (905)
751-1188 www.airbossofamerica.com
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